Amber Mining and Milling, Incorporated, contracted with Truax Corporation to have constructed a custom-made lathe. - The machine was completed and ready for use on January 1, 2024. - Amber paid for the lathe by issuing a $500,000, three-year note that specified 4% interest, payable annually on December 31 of each year. - The cash market price of the lathe was unknown. - It was determined by comparison with similar transactions that 8% was a reasonable rate of interest. Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2024, for Amber Mining and Milling's purchase of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1,PVA of $1, FVAD of $1 and Journal entry worksheet 4 Note: Enter debits before credits. Complete the table below to determine the price of the equipment. Note: Round final answers to the nearest whole dollar. Round your percentage answer in one decimal place. Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Journal entry worksheet Record the Amber Mining and Milling's purchase of the lathe. Note: Enter debits before credits